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The row about high energy prices has been ignited after British Gas announced its profits had doubled in the first half of this year.

A report found Brits were paying 5% more for their energy bills that they should. Credit: PA

It comes as its parent group Centrica said it would be axing 4,000 jobs, not all of which will be in the UK.

The cut follows a strategic review aimed at delivering savings of £750 million a year by 2020.

British Gas profits were £528 million for the first half of the year, more than it made in the whole of 2014, even though it recently cut prices by 5%.

Which? executive director Richard Lloyd said: "While it's good to see the new commitment from Centrica to focus on serving customers, with British Gas profits high and wholesale prices low, customers will no doubt wonder why cuts to their bills haven't gone further, and haven't included electricity.

"Following the Competition and Markets Authority's blistering assessment of this sector, we expect big suppliers to pass on falling costs to their customers quickly and fairly."

Around 6,500 jobs will be axed at Royal Dutch Shell this year as the oil giant struggles amid a slump in prices, it was announced today.

Shell chief executive Ben van Beurden said the firm was planning for a "prolonged downturn" in oil prices Credit: Reuters

The firm said it was "planning for a prolonged downturn" by cutting costs by 10 per cent - some $4 billion (£2.6bn) - during 2015, with further cost-cutting expected for 2016.

Investment for the year is also being slashed by a fifth, or $7bn (£4.5bn), with chief executive Ben van Beurden adding: "We have to be resilient in a world where oil prices remain low for some time, whilst keeping an eye on recovery."